The Asia Miner

OCT-DEC 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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42 | ASIA Miner | Volume 14 • Issue 4 | 2017 China 洛阳钼业放眼海外资产 过去的18个月中,在花费了53亿美元锁定3笔涉及海 外矿业资产之后,洛阳钼业正在寻求更多的并购机 会。但是,这家位于河南省洛阳市的公司表示,并 购目标公司的生产成本必须位于行业成本曲线的中 下游。 作为全球第二大半成品钨矿石生产企业,该公司的 策略还包括收购蕴藏长期看来供应趋紧的矿产品的 项目。 们将持续关注市场趋势。" "但是,我们必须坚持我们的内部原则即 并购目标 公司的生产成本必须位于行业成本曲线的中下游, 这意味着即使全球需求减少一半,金属价格下跌一 山寿命也需要长。 " 洛阳钼业近期完成了180亿元人民币(27.3亿美元) 的股份定增,结果鸿商控股和国有企业洛阳矿业集 团共分得了公司49.4%的股份。这将使公司的总资产 负债率由70%下降至55.7%,增强公司进行潜在并购 的能力。 洛阳钼业的管理层近年来保持低调,但于2016年通 过迅速完成两笔合计41.5亿美元的并购震惊市场。 这两笔并购包括15亿美元收购英美资源集团位于巴 西的铌、磷项目以及斥资26.5亿美元收购位于刚果( 金)的Tenke铜钴矿项目56%股权。 自 T e n k e项目交易结束后,铜价上涨了 4 3 %,用 于电动汽车电池的关键元素钴的价格大幅上涨了 140%。 Tenke项目2016年产铜216,000吨,副产品钴16,000 吨。其被证明的 量足以支撑25年的生产。本年度 的产量目标是铜210,000至220,000吨,钴16,000至 18,000吨。 除了非洲和巴西,Tenke还于2013年收购了位于澳大 利亚的在产铜和金矿山资产。 AFTER spending US$5.3 billion to seal three deals involving over- seas mining assets in the past 18 months, China Molybdenum is seeking more acquisition opportunities. However, the Luoyang, Henan province based company says the targets must rank among the bottom half of the production cost curve. The strategy of the company, which is the world's second larg- est semi processed tungsten ore producer, also involves buying projects hosting minerals that will undergo a tightening of supply demand balance in the long term. Chairman Li Chaochun said, "Cobalt is a good example ... we will keep monitoring market trends. "However, we must stick to our internal guideline that the target firm must rank among the bottom half on the production cost curve, which means even if half of global demand disappears, and the metal price fell by half, it will survive. Of course, the asset in question must also have a long mine life." China Molybdenum recently completed an 18 billion yuan (US$2.73 billion) private placement, which resulted in a 49.4% stake in the company's shares split between private equity firm Ca- thay Fortune and state-owned Luoyang Mining Group. This will low- er the company's liabilities to total assets ratio to 55.7% from 70%, boosting its capacity for potential acquisitions. China Molybdenum's management has kept a low profile in recent years, but surprised the market in 2016 by unveiling in rapid suc- cession two acquisitions worth US$4.15 billion. They include the US$1.5 billion acquisition of Anglo American and Ambras' niobium and phosphates businesses in Brazil, and the US$2.65 billion pur- chase of a 56% stake in Congo-based copper and cobalt miner Tenke Fungurume Mining. The deals were followed in November by an additional 24% stake in Tenke for US$1.14 billion. The price of copper has surged 43%, while cobalt, a key ingredi- ent in electric vehicle batteries, has jumped around 140% since the Tenke deals were signed. Tenke produced 216,000 tonnes of copper in 2016, with 16,000 tonnes of cobalt as a by-product. Its mines have proven reserves to support 25 years of production. This year's output target is 210,000 to 220,000 tonnes of copper and 16,000 to 18,000 tonnes of co- balt. Besides Africa and Brazil, Tenke also has copper and gold pro- ducing assets in Australia, which it acquired in 2013. China Molybdenum eyes overseas assets China Molybdenum chairman Li Chaochun.

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